FX.co ★ Elliott wave analysis of EUR/NZD for November 10, 2016

Wave summary:

This cross is becoming more and more complicated to read. After a rally to 1.5516 we expected the corrective low to 1.4838, but in early Asia Pacific trade a new low has been seen at 1.4812. Our best count shows that some kind of ending diagonal has unfolded and now completed with the 1.4812 low. If this count is correct, a quick return is expected to its origin at 1.5837. Because of wild swing in the recent days, we need a break above 1.5516 to confirm this count.

Trading recommendation:

Our stop at 1.5150 was hit for a nice little profit. We will buy EUR again at 1.4950 or upon a break above 1.5102 with stop placed at 1.4805.